Two attempts to get past the 1377.00 ‘secondary pivot’ have failed, but the target itself will remain viable unless the point ‘C’ low of the pattern, 12o1.50, is exceeded to the downside. Looking just ahead, the red line or the green, respectively at 1318.50 and 1260.00, can be used to get long ‘mechanically,’ but because the theoretical entry risk is enormous, I’d suggest using the buy signal as a prompt to seek a camouflage entry trigger on the three-minute chart or less. Night owls looking for a less work-intensive way to bottom-fish should use a ‘d’ target or midpoint pivot on the 15-minute chart. At the moment, that would imply bidding at p=1326.60 (where a=1350.50 at 9:00 a.m. EDT), or at d=1316.80. Note that there is an alternative a-b pairing at, respectively, 1346.50 and 1333.80. _______ UPDATE (July 14, 12:10 a.m.): Sellers struggled so hard in a futile attempt to reach the minor corrective targets shown (see inset, a new chart) that we should entertain a bullish bias for the near term. The downside target at 1335.90 remains valid nonetheless and can be bottom-fished with a stop-loss as tight as 1335.20.
